Pinterest is the ultimate website for inspiration. From outfits, recipes, decorating tips and more, the site certainly delivers in the imagination space. It’s like your personal digital scrapbook of all the thing you love and admire. Some would even call it their personal alwasy-uo-to-date vision board. But how does the company make money? Pinterest has a headquarters, employees and all the other overhead you’d expect from a company.
This is the challenge for a lot of new companies that offer a “free” service. Think Twitter, Pandora and others. One of the ways Pandora generates revenue is by forcing free users to listen to ads, while Twitter continues to struggle to identify its revenue stream, which does not still well with investors.
Pinterest now lets you know when prices drop on pins you’ve saved. So let’s say you’re browsing the site and see something you like, naturally you “pin” the item it to one of your boards. (In cases where the Pinners have set this up) you can also you click on the Buy button and purchase an item from a 3rd party website and the company gets a kick-back, “referral” or commission so to speak. Typically what I would do if I see something I like (on any website) but think it is too expensive, I’ll navigate over to ShopStyle and set up an alert. ShopStyle notifies me via email and an in app alert when the item goes on sale, then I can scoot right over and purchase it at a price that is in line with my budget. ShopStyle has been my go-to service and I can’t tell you how many times I use it to understand which retailer has an item I want, know when the item goes on sale and to use as a data point when I seek PRICE MATCHES for items I couldn’t live without.
Now, once you pin an item that has a buy button attached to it, you can ALSO sign up to get email or in-app notifications when the price drops. You an even check out pins that are on sale now. #HappyShopping